(b) On January 5, 2012, Security Federal Corporation ("Company") announced
that Mr. Timothy W. Simmons, President and Chief Executive Officer of the
Company, retired effective January 1, 2012. Mr. Simmons had been President of
the Company since 1987 and Chief Executive Officer of the Company since June
1994. Mr. Simmons previously served as President of the Company's financial
subsidiary, Security Federal Bank ("Bank"), from 1987 until 2001 and as Chief
Executive Officer of the Bank from 1988 until his retirement on January 1,
2011. Mr. Simmons will continue to serve as Chairman of the Board of the
Company and as a director of the Bank following his retirement. For further
information concerning Mr. Simmons' retirement, reference is made to the press
release dated January 5, 2012, which is attached hereto as Exhibit 99.1 and
incorporated herein by reference.

(c) Also on January 5, 2012, the Company announced the appointment of J.
Chris Verenes, Chairman of the Board and Chief Executive Officer of the Bank, as
President and Chief Executive Officer of the Company effective January 1,
2012. Mr. Verenes has served as a director of the Company since 2002 and has
served as Chairman of the Board and Chief Executive Officer of the Bank since
January 1, 2011.

There are no family relationships between Mr. Verenes and any director or other
executive officer of the Company and the Bank. Mr. Verenes has not engaged in
any transaction with the Company or the Bank that would be reportable as a
related party transaction under the rules of the Securities and Exchange
Commission ("SEC").

(d) On January 5, 2012, the Company also announced that Mr. W. Barry Adams
had been appointed to the Company's Board of Directors effective January 1,
2012. The Nominating Committee of the Company's Board of Directors unanimously
recommended Mr. Adams' appointment as director. Mr. Adams has been employed as
an Executive Vice President of the Bank since 2010. Prior to his employment with
the Bank, Mr. Adams was employed by Regions Bank from 1998 to 2010 and served in
a variety of positions with the last position he held being Market
President. Prior to that, Mr. Adams was employed from 1974 to 1998 at Palmetto
Federal Savings Bank of South Carolina. Mr. Adams served in a variety of
positions while he was at Palmetto Federal with the last position he held being
Executive Vice President. Mr. Adams was not appointed to serve on any of the
Company's committees of the Board of Directors at this time. Effective January
1, 2012, Mr. Adams was also appointed to the Bank's Board of Directors. For
further information concerning Mr. Adams' background, reference is made to the
press release dated January 5, 2012, which is attached hereto as Exhibit 99.1
and incorporated herein by reference.

There are no family relationships between Mr. Adams and any director or other
executive officer of the Company and the Bank and Mr. Adams was not appointed as
a director pursuant to any arrangement or understanding with any person. Mr.
Adams has not engaged in any transaction with the Company or the Bank that would
be reportable as a related party transaction under the rules of the SEC.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

The following exhibit is being filed herewith and this list shall constitute the
exhibit index.